An Appraisal of Debt Relief for Poor Countries
نویسنده
چکیده
The Highly Indebted Poor Countries’ (HIPC) Initiative provides debt relief to a group of highly indebted poor countries. The capacity of the multilateral financial institutions (MFIs) to manage this programme is analysed and the conclusion is drawn that it is unlikely to achieve the purposes for which it has been established. Criticism is based upon the MFIs’ own policy advice as well as that of public campaigners, and also other economists’ appraisals of MFI performance. The conclusion is drawn that there are a number of reasons for wishing to restrict the role of the MFIs in this process and that there should be movement towards a simplified framework for debt cancellation with a greater role for private institutions and market-oriented payments disciplines.
منابع مشابه
Debt relief and public health spending in heavily indebted poor countries.
The Heavily Indebted Poor Countries (HIPC) Initiative, which was launched in 1996, is the first comprehensive effort by the international community to reduce the external debt of the world's poorest countries. The Initiative will generate substantial savings relative to current and past public spending on health and education in these countries. Although there is ample scope for raising public ...
متن کاملAre current debt relief initiatives an option for scaling up health financing in beneficiary countries?
One central goal of the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and the more recent Multilateral Debt Relief Initiative (MDRI) is to free up additional resources for public spending on poverty reduction. The health sector was expected to benefit from a considerable share of these funds. The volume of released resources is important enough in certain countries to make a differ...
متن کاملA New Approach to Managing the Debt Crisis
The debt crisis, and the IMF-sponsored stabilization programs enacted in response to it, have resulted in an excessive degree of ansterity for several of the debtor countries. The current creditor strategy, it is argued, is not sustainable over the long term unless the debtor countries are allowed to grow. The author advocates a more generous treatment of debt servicing requirements, in the for...
متن کاملEvidence from a Panel of HIPCs
Substantial amounts of debt relief have been granted to a set of low-income countries, as an alternative aid modality. Although the theoretical case for debt relief is firmly established, only empirical analysis can show whether debt relief is indeed a (more) effective mode of aid delivery. We investigate the linkages between debt relief and other fiscal variables such as current expenditure, g...
متن کاملA Human-needs Based Debt Sustainability Analysis: a Challenge for Zambia
In this report, Jubilee Zambia presents a proposal of a set of guides on the development of a human-needs based Debt Sustainability Analysis Framework (DSA.). This proposal is formulated with a view to stimulate dialogue at national and international levels on the need to develop a human-need based framework on Debt Sustainability Analysis for Zambia. Jubilee Zambia believes that a better and e...
متن کامل